Canada's Finance Ministers Meet to Discuss Retirement Security for Canadians
June 19, 2016 – Vancouver, B.C. – Department of Finance Canada
Helping Canadians achieve their goal of a safe, secure and dignified retirement is a key part of the Government of Canada's plan to help the middle class and those working hard to join it.
As part of a renewed relationship with the provinces and territories based on openness, mutual respect and constructive cooperation, Canada's Finance Ministers are gathering in Vancouver to build on progress made on the issue of retirement security and other economic priorities.
Though the discussion will be primarily focused on expanding the Canada Pension Plan (CPP), Finance Ministers will receive a presentation by Bank of Canada Governor Stephen Poloz on the Global Economy and Canadian Monetary Policy, and have a chance to collaborate on provincial and territorial priorities.
Since the December meeting in Ottawa, every province and territory has been actively participating in talks around the expansion of the CPP. This spirit of collaboration is expected to continue in Vancouver.
Minister Morneau believes that retirement security is about much more than helping vulnerable seniors—it's about ensuring peace of mind and a better quality of life for generations of Canadians to come.
- The CPP is respected internationally and widely credited with reducing seniors' poverty in Canada. In 2014–15, the CPP paid out $38.7 billion in benefits to 5.3 million Canadians.
- At March 31, 2016, the CPP Fund totalled $278.9 billion. The CPP Fund is ranked as one of the 10 largest retirement funds in the world, allowing the CPP Investment Board (CPPIB) to undertake large transactions with which few others can compete.
- Budget 2016 has already taken action to help ensure all Canadians have a safe, secure and dignified retirement and adequate retirement savings, including:
- Increasing the Guaranteed Income Supplement top-up benefit by up to $947 annually for the most vulnerable single seniors starting in July 2016.
- Restoring the eligibility age for Old Age Security and Guaranteed Income Supplement benefits to 65.
These measures will put thousands of dollars back in the pockets of Canadian seniors, especially some of the most vulnerable.
"We know that too many of our friends and neighbours are concerned about saving enough for retirement. That's why, last December, we began discussions towards expanding the Canada Pension Plan, so that Canadians can spend more time with their grandkids later in life, and less time worrying about paying the rent. I want to thank my Finance Minister colleagues for their help and cooperation over the last several months, and I look forward to a healthy debate and a substantive discussion that I know will lead to the best solution for Canadians."
– Bill Morneau, Minister of Finance
Office of the Minister of Finance
Department of Finance Canada